Mosman Oil and Gas (LSE:MSMN) has started a long-term upward journey that has a potential to last for years. Nevertheless, this would not happen without occasional pullbacks that might pan out in the medium-term.
The price was in a tight equilibrium phase for some months before it broke upwards, cutting the upper Trendline to the upside and closing above it. The current shallow southward retracement is normal, for the RSI period 14 has gone to the overbought territory (above level 80). The pullback would be fleeting because the price would pick and go further upwards.
The great support level at 20.00 should act as a formidable barrier to any serious pullbacks along the way. Meanwhile, the price may eventually reach the resistance levels at 80.00, 90.00 and 100.00 in months and years to come.
For those who’re interested in this market, a long-term bullish journey has begun.
This forecast is ended with the quote below:
“Just because you hate trading, doesn’t mean you can’t trade for a living.” Adam Jowett
Learn from the Generals of the Markets: Market Generals
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